NVDA: Heading to the next support level! What to expect?
• Since it lost the $134 support, NVDA is just heading to the $115, and there’s no technical evidence indicating it won’t do this, as we lack strength, and there’s not a single bottom sign at the moment;
• The $115 is a support level that dates back to 2 years ago, September 2020;
• In addition, the daily chart suggests a continuation of the bear trend. Since it performed the Double Top, as evidenced in the chart above, NVDA has been doing nothing but lower highs/lows;
• Only if it does a higher high/low again, and if it breaks the 21 ema as well, we might assume NVDA will do a recovery;
• For now, there’s no evidence of a recovery, but at $115 it might get oversold. Either way, we must wait for more confirmation.
I’ll keep you guys updated on this. Remember to follow me for more analysis like this! Keep in touch.
• The $115 is a support level that dates back to 2 years ago, September 2020;
• In addition, the daily chart suggests a continuation of the bear trend. Since it performed the Double Top, as evidenced in the chart above, NVDA has been doing nothing but lower highs/lows;
• Only if it does a higher high/low again, and if it breaks the 21 ema as well, we might assume NVDA will do a recovery;
• For now, there’s no evidence of a recovery, but at $115 it might get oversold. Either way, we must wait for more confirmation.
I’ll keep you guys updated on this. Remember to follow me for more analysis like this! Keep in touch.
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